From the low of 104.25, MCX Lead has done a sharp rally. It has retraced nearly 78.6% of the entire previous fall.
However, near the key Fibonacci level, the bears have opened a fresh round of selling. The daily momentum indicator that has been stretched to an overbought territory has triggered a bearish crossover. Thus, an upside looks caped at the recent high of 128.40. Unless that is crossed, the base metal is expected to fall towards its key daily moving averages, ie near 117.